The FOCUS on NoVA Real Estate team talk jumbo loans, loan over $676,000, with Steve Salvatore at Day-1 Mortgage. Covid-19 fall out has changed the lending environment for high balanced loans.

Jumbo loan lending is far more restrictive for loan that are more than $676,000. There are fewer lenders and loan options available.
Buyers need higher credit scores, larger down payments and more assets and reserves. Their debt to income ratios must lower. There are longer loan processing and underwriting as some credit unions and banks are not equipped for remote work.

There are three things you need to do if you are thinking of getting into the real estate market with a jumbo loan.

1) Complete your loan application early and completely to address any potential employment, credit, income or asset issues PRIOR to writing the sales contract.

2) Confirm the exact terms and conditions of the jumbo loan qualifications to insure you meet them. IF POSSIBLE, have your loan underwritten using a to be determined (TBD) address so you are fully approved except for title and appraisal(s).

3) Confirm lender closing time frames so they match up with anticipated contract settlement date.

For more loan information, contact Steve Salvatore.
Day-1 Mortgage
Tel: 703.966.6711
Email: steve.salvatore@day1mortgage.com. www.day1mortgage.com

Contact the FOCUS on NoVA Real Estate team for more information on how to prepare for a jumbo purchase.